Bahraini billionaire family Kanoo announces plans to bring $6 trillion trade market on-chain

Odaily Planet Daily News: Abdulla Kanoo, heir of the wealthy Bahraini Kanoo family, is pushing to migrate a cross-border trade market valued at approximately $6 trillion onto blockchain infrastructure. Current cross-border payments still heavily rely on the traditional correspondent banking system, leading to issues such as long settlement cycles, limited liquidity, and uneven access to the US dollar.

Kanoo stated that his co-founded digital asset infrastructure company, ARP Digital, is building a settlement network designed to facilitate capital flows between emerging economies. The goal is to reduce cross-border payment costs and intermediary dependency, accelerating the flow of trade capital in the "Global South." According to his estimates, trade volume among emerging markets exceeded $6 trillion in 2024, accounting for about a quarter of global trade, and is expected to grow to $32 trillion by 2030. (CoinDesk)